The Pulse - Manhattan Luxury Market 6/18/25
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Last week, Manhattan’s luxury market surged back to life, posting 41 signed contracts—a 28% increase from the prior week and the highest total since June 2021, one of the strongest years on record. In the last 30 days alone, we’ve seen 156 contracts signed, a 27% increase over the same period last year. The market is not just holding—it’s accelerating.
What stands out most? Townhouses, which represent just 2% of Manhattan’s housing stock, claimed a remarkable 32% of last week’s market share. Buyers at the high end are gravitating toward privacy, character, and outdoor space—a continued preference that’s shifting demand dynamics.
Sales volume hit $365.5M, up 50% week-over-week, a clear sign that serious capital is being deployed. This is not broad-based activity—co-op and unrenovated apartments continue to lag. But where product aligns with value, buyers are stepping in decisively.
Inventory is tightening. Sellers are pulling listings while buyers are pouncing on well-positioned opportunities—particularly in markets like the Upper East Side, which led all neighborhoods this week.
The Upper East Side led the market, fueled by strong townhouse and co-op performance. Downtown and Midtown also saw solid demand, especially for high-floor and branded resale product.
Townhouses had a breakout week, driven by the demand for privacy and scale. Co-ops and unrenovated apartments continue to offer relative value and may be gaining ground with savvy buyers focused on long-term potential.
A quieter week for new development, though top-tier product continues to move when pricing aligns with market conditions. Notable sale: 111 Murray Street PH2, finally in contract after a significant price reduction.
Buyers are active—but disciplined. Nearly half of this week’s deals involved negotiation. Value remains the guiding principle.
The $10M+ segment posted a strong week, led by all-cash purchases and properties with true architectural pedigree. That said, buyers remain selective—trophy homes must now balance emotional pull with pricing precision.
Geopolitical tensions briefly shook Wall Street, but confidence remains intact. The Fed is expected to hold rates steady, with two cuts projected by year-end. Meanwhile, 80% of Manhattan’s $5M+ sales are now all-cash, up from 65%. In today’s market, liquidity rules.
#1- 111 Murray Street, PH2 | Tribeca | $33.5M (7,488 SF @ $4,533 PPSF)
Listed since 2017, this glass-wrapped penthouse finally went to contract after a $5.55M price adjustment. A masterclass in patient repositioning.
#2- 230 West 11th Street | West Village | $22.495M (6,163 SF @ $3,650 PPSF)
A classic Village townhouse, expertly renovated. A reflection of current demand for modernized, character-rich homes with prime addresses.
Momentum is on your side. Contracts are rising. So are the Pulse and Climate Index. But pricing must still be precise. Nearly half of all signed contracts came with discounts. Strategic repositioning now—or a creative relaunch this fall—can recapture attention and secure results.
Focus on overlooked assets: co-ops, legacy listings, and unrenovated homes with value potential. These categories are not commanding the spotlight—yet they offer real upside in a market where selectivity reigns.
Whether you’re evaluating a listing strategy or simply want a tailored analysis of your building, block, or neighborhood, I’m here.
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Carol Staab has an innovative luxury real estate practice that provides an elite level of concierge service through unparalleled world-class marketing and a hands-on business approach. Her mission is to give her clients an exceptional experience while helping them achieve the best results possible.
